New juice brand Cherrygood has racked up sales of £1.2m in its first year of trading.
The company – which claims to offer the UK’s first ready to drink cherry juice – said it had sold more in its first 12 months than smoothie brand Innocent did in its first year of business.
Cherrygood founder John Heseltine (pictured left) – who set up and subsequently sold the Lovejuice chain of juice bars – said new companies were struggling to find banks willing to lend them the cash to grow.
“We went to all the high street banks for support but they were all dismissive of our idea,” he said. “We knew we had a great idea and we refused to give up. It’s that belief and optimism which makes a business happen.”
He added: “Today we are still not being supported by the banks – and it has severely slowed our growth. But we are a profitable and growing business and on sale in all the major multiples.”
Indies hit by soaring business costs (29 June 2010)